Harmonizing Islamic Economics: A Comprehensive Epistemological Synthesis

Abstract

This study aims to conceptualize a Typology of Islamic Economics Epistemological Approach, addressing the diverse practices and confusion surrounding the development of reasoning and decision-making in Islamic economics. Employing a qualitative exploratory research methodology, we utilize content analysis to identify and categorize the prevalent epistemological approaches within the Islamic economic system. Our findings reveal three main classifications: (1) Sharia-Based Epistemological approaches in the economic field, (2) Sharia-compliant Epistemological Approaches incorporating both Western and Islamic traditions, and (3) the Positive Economic Pragmatic approach applied in the context of Islam. We highlight the weaknesses of each approach and stress the importance of developing a robust and well-founded Islamic economic framework to facilitate the growth of the field. This study has implications for both scholars and practitioners in Islamic economics, emphasizing the need for a unified and comprehensive approach that addresses the identified shortcomings.